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just doing a little research. i think i can get a better deal if i moved my mortgage provider. even though id suffer a hefty early repayment charge it would still save me a good few thousand if i moved. would i be better to go to my current provider now and tell them what im planning in the hope they may match or improve my deal in order to keep the custom or straight to the new provider and work it from there. your experiences and thoughts are welcome. cheers

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I was thinking of doming similar a few months ago but you might be surprised like I was that no one else might want to give you a mortgage now due to your future job prospects, house prices falling, high LTV value etc. Obviously i have 0 idea about your circumstances :P

However we were / are in a fairly good place in terms of LTV etc and I only sounded out some deals - didn't crunch any proper numbers but beware that each application you make will show up somewhere if you start signing paperwork etc :unsure:

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So much depends on individual circs.

Definitely worth phoning curent provider to see if there isn't a better deal they can switch you to without you paying a fee to move. But you need to do own research first, be ready to say 'But X is offering a x% deal without fees', or, 'I see you offer new customers such and such preferential deal - I would like to be put on that'. If no dice, trying calling them at a different time - the operators vary hugely, I have had luck with some who are really knowledgeable.

IF this doesn't work then you can usually phone up other banks to get an idea of whether you will be able to switch, without paying any fees (like an agreement in principle). However, there are things you could do to help this, like have details of savings to hand, etc, have a good idea of the new term etc that you want.

Something I did that helped was pay off a few K of the existing mortgage BEFORE switching which meant that my LTV was reduced which in turn meant I didn't have to have income and other paperwork checks with the new provider.

ON the other hand this process of switching can be a real pain in the bum with paperwork getting lost (pretty much a certainty) and you need to be aware that mortgage providers all have their little bureaucratic idiosyncrasies that you aren't always made aware of in advance. E.g. when I swtiched I didn't realise that with new provider I wouldn't be able to go online and check outstanding balance which was annoying. They fibbed about this on the phone. Also, another example, my new mortgage doesn't immediately recalculate on a rate change or overpayment like my old one which is really annoying. Thirdly, and this is really weird, the bank automatically calculates your repayment amount as about 15% higher than it needs to be to give you a kind of insurance buffer. A bit of a shock to see you overpay and your repayment amount doens't change much in comparison to old banks. Minor quibbles, but indicative that some things are just not in the small print however carefully you read it.

Having said

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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